Origin pulled in more than the $100 million it set out to raise, a step up from the $80 million fund it raised in 2017. It’s the latest Chicago venture firm to raise a new fund this year, following Jump Capital, Lightbank and Chicago Ventures.
Origin focuses on e-commerce marketplaces and software, and it’s known for making early bets on companies with risky ideas, such as Grubhub, Cameo, Tock and Tovala.
As the firm grows, it’s writing larger checks, which comes in handy as valuations soar. Origin’s average investment is $4 million to $6 million, up from $2 million to $4 million, says managing partner Brent Hill. It still does seed-stage deals with checks as small as $500,000. The firm has roughly doubled its headcount to nine, says managing partner Alex Meyer, a software executive who joined the firm in 2019.
Origin’s best-known success is Chicago-based Grubhub, the online food-ordering and delivery business, which went public in 2014 and was acquired this year by Just Eat Takeaway.com for $7.3 billion.
Other recent wins include Tock, a Chicago-based software provider focused on the food industry. Tock was acquired for $445 million by Squarespace. https://www.chicagobusiness.com/john-pletz-technology/here-are-details-restaurant-startup-tocks-sale BacklotCars, a Kansas City-based B2B marketplace and software platform for car dealers, was acquired last year by KAR Auction Services for $425 million.
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